January 21 2021

The Silver Lining of 2020

AI: The Silver Lining of 2020

It’s no secret that 2020 was a challenging year for everyone, including the multifamily industry. And, while most would agree that the pandemic forced us to pivot in more ways than one, some of those pivots actually helped to advance our industry.

If there was a “silver lining” for 2020, it was that technology not only enabled business continuity, it advanced our industry, particularly for those who were slow adopters. This was a major theme at this year’s NMHC virtual OPTECH event, where Artificial Intelligence (AI) took center stage in almost every discussion.

According to Forrester Research, 44% of online consumers say that having questions answered is one of the most important features a website can offer. In the multifamily industry, this certainly rang true.

“If there was a “silver lining” for 2020, it was that technology not only enabled business continuity, it advanced our industry.”

Perhaps the most important application of AI was through virtual “conversational leasing.” In addition to providing a 24×7 on-demand response for potential tenants, AI also enabled leasing agents to increase their productivity and focus on providing “high value” interactions with potential and existing tenants—increasing customer satisfaction, renewals, and solidifying customer loyalty.

Funnel was also showcased during OPTECH as a technology innovator utilizing AI in an important way through an industry-first—automated income verification. This game-changing functionality enables property owners to provide an easier, faster leasing experience akin to ordering a ride or meal through Uber. In fact, it is estimated that on-site team members using Funnel’s AI leasing agent can save up to three hours a day on administrative tasks. They can also see an average of up to 65% in lead-to-tour conversion. More leases translate to increased revenue, increased on-site efficiency, and an improved bottom line.

To learn more about how Funnel leasing solutions can increase your team’s productivity and lead conversion rate, explore our Products page.

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